Martin Lack was indicted in 2011 in Florida where he pleaded guilty (see previous note) in February 2014. He was charged with conspiring to hide assets of US client from the IRS and discourage clients to join the voluntary disclosure from 1993 to 2010. During that time he was employed by UBS until 2003 and then founded his own firm Lack & Partner Asset Management AG.
He was sentenced to 5 years of probation and a fine of $7,500. During the probation he is due to go back to the U.S. once a year.
He was the 4th ex-UBS banker to be sentenced after pleading guilty. Renzo Gadola was also given probation while Bradley Birkenfeld was sentenced to prison, after serving his sentence he was awarded $ 104m for being a whistle-blower. Christos Bagios served 37 days in prison in 2011 before being allowed to go back to Switzerland where his family was based.